Standard Chartered will initially pay $8 million for the
unit, which has about $800 million of assets under management,
one of the people said, asking not to be identified because the
information is private. The bank will follow up the payment with
an undisclosed sum later, the person said.

Morgan Stanley is selling the business as part of a review
of its operations. The unit accounts for less than 5 percent of
Morgan Stanley’s India revenue, one of the people said. The New
York-based bank has more than 400 employees in India.

Nick Footitt, the Hong Kong based spokesman for Morgan
Stanley, and Kunal Pradhan a spokesman for Standard Chartered in
Mumbai declined to comment.